EURJPY Trade Setup

by: Colibri Trader

Dear Traders,

The trading setups from last week did have mixed results. The best performing one was the DAX trade and it is continuing to give back very good returns. Today, the bullish move added another 130 points to our profits. We are still 180 points away from our target, so I am still keeping my longs. The S&P 500 trade is also developing as it should. Have a look here for my trading idea HERE.

EURJPY Trade Setup

Today’s trading setup is coming from the EURJPY pair. I am seeing a major resistance area being tested (116-117). The previous two sessions did form a bearish engulfing pattern as marked on the chart. I will be looking to go short once the price retraces back to 115.70. My stop loss would be placed just above 117.30. My first price target is the level of 112.00. From then on it depends on price action.

Happy Trading,

Colibri Trader



If you have not read about the history of Sterling and the Flash Crash of the pound, you can do that HERE.